QPR sack Warnock

Warnock led the west London club to the Championship title last season and they currently lie in 17th place in the Premier League, just one point off the relegation zone.

QPR assistant manager Mick Jones and first team coach Keith Curle have also left the club.

"This decision has been made in the best interests of the Club and I can assure everyone that this is not a decision that was made lightly," said QPR's Malaysian owner Tony Fernandes.

"Sadly, our recent run of poor form has seen us slip alarmingly down the table and the Board felt it was the right time to make a change.

"Neil has acted with honesty, professionalism and integrity throughout his time at the Club, and I would personally like to thank him for his significant contribution to QPR over the last 22 months."

Warnock said: "Obviously I'm very disappointed, but having achieved so much, I leave the club with a great sense of pride.

"I have enjoyed my time here more than anywhere else and the QPR fans have been brilliant with me - they deserve success.

"My biggest regret is that the takeover didn't happen earlier, because that would have given me the opportunity to bring in the targets I'd pinpointed all last summer and probably given us a better chance to succeed in the Premier League.

"The board at QPR are hugely ambitious and I wish them every success for the future.

"I've been involved in the game a long time and I will be spending the immediate future with my family and friends before deciding my next career move."

Warnock was appointed to the position on March 1 2010 when he left Crystal Palace and signed a three-and-a-half-year deal with the Rs.

On Saturday striker Heidar Helguson came off the bench to score the late goal which denied MK Dons an upset win in the FA Cup third round in a 1-1 draw.

Already former Fulham, Manchester City and Blackburn boss Mark Hughes has been linked with the position.